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1Q16 Presentation
1Q16 Presentation
1Q16
1Q16
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they are based on expectations
of the companys management and on available information. The company is under no obligation to update these statements.
The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are intended to
qualify statements.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results,
market share and competitive position may differ substantially from those expressed or suggested by these forward-looking
statements. Many factors and values that may impact these results are beyond the companys ability to control. The reader/investor
should not make a decision to invest in Multiplan shares based exclusively on the data disclosed on this report.
This document also contains information on future projects which could differ materially due to market conditions, changes in laws or
government policies, changes in operational conditions and costs, changes in project schedules, operating performance, demands
by tenants and consumers, commercial negotiations or other technical and economic factors. These projects may be altered in part
or totally by the company with no prior warning.
External auditors have not reviewed non-accounting information.
In this release the company has chosen to present the consolidated data from a managerial perspective, in line with the accounting
practices in use until December 31, 2012, as disclosed on the next page.
For more detailed information, please check our Financial Statements, Reference Form (Formulrio de Referncia) and other
relevant information on our investor relations website ir.multiplan.com.br.
1Q16
Managerial Report
Multiplan is presenting its quarterly and annual results in a managerial format to provide the reader with a more complete perspective
on operational data. Please refer to the companys financial statements on its website ri.multiplan.com.br to access the Financial
1Q16
Shopping Centers Sales
Evolution of tenants sales
(R$ billion)
CAGR: +10.1%
+671
+3.1%
20.464
+1.012
2.45 B
2.72 B
2.92 B
25,817
26,015
Mar-15
(LTM)
Mar-16
(LTM)
3.01 B
+1.291
24,348
2.05 B
17.489
+17.0%
1Q12
1Q13
1Q14
1Q15
1Q16
Mar-14
(LTM)
Spread
SAS/SSS
+2.6%
12.0%
9.7%
9.5%
9.4%
7.4%
8.2%
1Q12
8.1%
2Q12
8.5%
3Q12
8.8%
7.7%
8.0%
9.3%
8.8%
6.7%
5.7%
6.8%
8.1%
4Q12
1Q13
5.8%
2Q13
8.4%
3Q13
7.6%
4Q13
8.3%
1Q14
9.4%
2Q14
5.7%
6.1%
7.9%
3Q14
4Q14
3.9%
4.2%
2.8%
2.7%
4.3%
1.2%
0.6%
2.1%
1.6%
1Q15
2Q15
3Q15
4Q15
1Q16
1Q16
Selected Operational Data
Evolution of occupancy cost
14.0%
14.2%
13.7%
13.5%
13.9%
6.6%
5.8%
5.4%
5.3%
5.4%
5.6%
5.6%
5.3%
4.5%
3.2%
8.2%
7.3%
8.1%
8.1%
8.1%
7.8%
7.8%
7.7%
7.6%
7.5%
7.4%
1Q12
3Q10
1Q13
1Q14
1Q15
1Q16
3Q11 3Q12 3Q13 3Q14 3Q15
3.2%
1.0%
1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16
Rent Loss
Occupancy
Rent as %
of Sales CostOther as % of Sales
98.5%
Source: Multiplan
3Q14
4Q14
1Q15
98.0%
2Q14
98.1%
1Q14
98.4%
4Q13
99.0%
3Q13
98.8%
2Q13
98.4%
1Q13
98.6%
4Q12
98.1%
3Q12
97.6%
98.1%
2Q12
98.5%
97.8%
1Q12
97.9%
97.5%
97.2%
2Q15
3Q15
4Q15
1Q16
1Q16
Gross Revenue Analysis
Gross revenue breakdown 1Q16
Others
0.4%
Real Estate for Sale
1.3%
Parking
15.0%
Base Rent
90.6%
Rental Revenue
67.0%
Key Money
1.1%
Services
12.0%
Merchandising
6.4%
Overage
3.0%
+11.2%
+34.3%
-55.4%
9.5 M
13.0 M
Gross
revenue
1Q15
Source: Multiplan
-65.2%
4.0 M
1.0 M
293.0 M
+9.4%
(4.4 M)
+73.7%
0.6 M
309.2 M
Other
revenues
Gross
revenue
1Q16
(7.4 M)
+5.6%
Rental
revenue
Straight line
effect
Services
revenue
Key money
revenue
Parking
revenue
Real estate
for sale
revenue
1Q16
Rental Revenue Analysis
Rental revenue growth breakdown (R$)
194.2 M
+7.1%
-11.4%
+11.2%
12.5 M
(0.8 M)
1.3 M
207.2 M
10.1 M 11.1 M
+6.7%
13.4 M 14.5 M
15.0 M
17.2 M
19.0 M
21.2 M
5.6 M
1.3 M
Rental
revenue
1Q15
Base rent
Overage
Merchand.
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Rental
revenue
1Q16
11.9%
3.9%
1.8%
10.4%
7.7%
7.7%
1Q12
2.6%
8.6%
4.3%
0.6%
3.5%
0.9%
8.0%
6.8%
6.7%
5.9%
5.8%
5.9%
5.6%
4Q13
1Q14
2Q14
3Q14
4Q14
11.4%
11.4%
8.0%
6.3%
5.7%
5.9%
6.8%
7.4%
7.6%
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
SSR
Source: Multiplan
1.2%
4.1%
10.1%
2.7%
3.4%
4.1%
2.4%
2.4%
0.3%
8.8%
9.2%
9.5%
7.0%
6.8%
6.2%
5.2%
4.5%
4.4%
5.9%
1Q15
2Q15
3Q15
4Q15
-1.7%
5.8%
1Q16
1Q16
Expenses Analysis
Evolution of G&A expenses (R$)
and as a % of net revenue
+24.3%
31.9 M
25.6 M
24.5 M
24.9 M
25.5 M
13.5%
12.9%
32.1 M
23.0 M
18.4 M
25.7 M
19.9 M
12.7%
13.9%
10.5%
1Q12
1Q13
1Q14
1Q15
1Q16
1Q12
1Q13
1Q14
1Q15
1Q16
-39.8%
3.2 M
3.6 M
6.3 M
2.4 M
1.9 M
2.3 M
1.3 M
1Q15
2Q15
3Q15
4.4 M
4Q15
1Q16
1Q12
1Q13
1Q14
-14.9%
1.8 M
1.5 M
1Q15
1Q16
8
1Q16
Evolution of Margins
90.2%
89.4%
64.5%
67.8%
56.1%
53.1%
42.6%
Mar-12 (LTM)
38.7%
Mar-13 (LTM)
Source: Multiplan
85.5%
64.0%
88.5%
69.5%
89.0%
72.2%
44.7%
47.4%
48.3%
29.3%
31.2%
33.0%
Mar-14 (LTM)
EBITDA Margin
Mar-15 (LTM)
FFO Margin
Mar-16 (LTM)
Net Income Margin
1Q16
Net Operating Income (NOI)
Evolution of Net Operating Income (NOI) + Key Money (R$) and margin (%)
CAGR: +15.5%
+4.6%
219.2 M
879.6 M
229.3 M
944.9 M
707.8 M
89.3%
88.1%
87.1%
88.8%
84.6%
1Q15
1Q16
NOI
NOI Margin
4.85
5.12
CAGR:
+11.8%
CAGR:
+12.7%
3.85
4.06
0.79
1.02
1.05
1.20
1.24
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
3.18
3.00
2.00
1.00
-
10
1Q16
EBITDA
Consolidated EBITDA (R$) and margin (%) evolution
CAGR: +10.7%
790.9 M
+2.6% 198.8 M
193.7 M
73.2%
1Q15
71.3%
1Q16
+0.4%
794.3 M
648.0 M
72.2%
69.5%
64.0%
Mar-14 (LTM)
Mar-15 (LTM)
Mar-16 (LTM)
Property EBITDA (R$) and margin (%) evolution Consolidated EBITDA Margin (LTM)
CAGR: +11.5%
787.7 M
195.4 M
+2.5% 200.2 M
76.8%
+3.7% 817.0 M
657.7 M
75.4%
75.0%
Mar-15 (LTM)
Mar-16 (LTM)
72.0%
72.7%
1Q15
1Q16
Mar-14 (LTM)
Property
EBITDA
(LTM) includes headquarters
Property EBITDA: EBITDA considers Multiplans core business, leasing activities. The metric excludes real estate for sale activity and future developments
expenses.
The calculation
Consolidated EBITDA Margin (LTM)
expenses, stock options and taxes: proportional to the property revenues as a percentage of gross revenue.
11
Source: Multiplan
1Q16
FFO and Net Income
Net Income (R$) and margin (%) evolution
CAGR: 10.6%
+0.7%
70.1 M
296.4 M
26.3%
25.1%
29.3%
1Q15
1Q16
69.6 M
355.4 M
362.7 M
31.2%
33.0%
114.7 M
43.3%
-0.1%
114.6 M
539.0 M
530.6 M
47.4%
48.3%
452.7 M
41.1%
44.7%
1Q15
1Q16
Source: Multiplan
12
1Q16
Debt and Cash
Cash generation and debt position (R$)
as of March 31, 2016
Debt breakdown on
March 31, 2016
2,314.8M
1,850.7M
Net Debt
= 2.33x
EBITDA (LTM)
794.3M
530.6M
464.1M
Net Debt/EBITDA
2.33x
Gross Debt/EBITDA
2.91x
EBITDA/Financial Results
4.15x
0.54x
18.1%
11.8%
Cash
EBITDA
(LTM)
IGP-M Others
TJLP 0.7% 2.5%
4.2%
TR
40.4%
CDI
52.2%
52
FFO (LTM)
8.95%
9.20%
9.34%
9.87%
10.00%
7.25%
Mar-13
8.00%
Jun-13
10.41%
10.75%
10.50%
10.54%
11.00%
11.00%
Jun-14
Sep-14
10.96%
11.75%
13.75%
14.25%
14.25%
14.25%
12.29%
12.81%
13.09%
13.22%
Jun-15
Sep-15
12.75%
11.53%
9.00%
Sep-13
Dec-13
Mar-14
Dec-14
Mar-15
Dec-15
Mar-16
13
1Q16
Debt Amortization Schedule and Covenants
Covenants
3.25x
4.00x
Covenant
3.50x
Net Debt/EBITDA
EBITDA/Financial Results
Total Debt/Total Asset
EBITDA Margin
Total Debt/Shareholders Equity
3.03x
2.36x
2.44x
2.33x
Limit
Mar-16
<= 4.00x
>= 2.00x
<= 0.50x
>=20.0%
<= 1.00x
2.33x
4.15x
0.32x
71.3%
0.54x
Debt
Volume
1,225.4 M
773.4 M
114.7 M
114.7 M
56.7 M
2012
2013
2014
Lowest Covenant
2015
1Q16
Net Debt / EBITDA
209 M
2018
2020
19.9%
265 M
2020
12 M
199 M
258 M
2021
2019
20.3%
32 M 241 M
393 M
2019
2018
17.7%
205 M
39 M 26 M
140 M
2017
2017
10.4%
1,340.1 M
2016
9.0%
Comply
Comply
Comply
Comply
Comply
EBITDA and Financial Results are the sum of the last 12 months
>2020
22.7%
Status
158 M
199 M
405 M
464 M
457 M
- 158 M
2022
97 M
97 M
2023
98 M
98 M
2024
EBITDA and Financial Results are the sum of the last 12 months
Debt amortization schedule from Apr-16 to Dec-16
Source: Multiplan
2025
88 M
102 M
88 M
102 M
Debentures
14
1Q16
Greenfield Under Construction
Source: Multiplan
15
1Q16
BarraShopping Medical Center Expansion
Source: Multiplan
16
1Q16
MULT3 Performance
Evolution of Average Daily Traded Volume
Indexes
892,627
640,868
492,683
359,710
26.5 M
38.6 M
40.6 M
2015
1Q16
31.7 M
17.4 M
2012
2013
2014
140
Multiplan
Ibovespa
+41.3%
+16.9%
70.0 M
60.0 M
130
50.0 M
120
40.0 M
110
30.0 M
100
20.0 M
90
10.0 M
80
Dec-15
Source: Bloomberg
Jan-16
Feb-16
0.0 M
Mar-16
17
1Q16
Fair Value Analysis
Evolution of Fair Value (R$)
Fair
Value
17.5 B
15.7 B
15.0 B
12.5 B
10.0 B
7.5 B
5.0 B
2.5 B
.0 B
2010
2011
2012
2013
2014
2015
1Q16
Calculated according to CPC 28. Details are available in the March 31, 2016 Financial Statements and 1Q16 Earnings Report.
Based on stock price in March 31, 2016.
The sum of Market Cap and Net Debt.
Source: Multiplan
18
1Q16
IR Contact
Armando dAlmeida Neto
CFO and IRO
Hans Melchers
Investor Relations and Planning Director
Franco Carrion
Investor Relations Manager
Carolina Weil
Investor Relations Analyst
Leandro Vignero
Investor Relations Analyst